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Albertans charged in multi-million dollar Ponzi scheme
EDMONTON, AB – Two people from Alberta face a combined 81 charges in relation to their alleged involvement in a large-scale ponzi scene.
The Edmonton Police Service (EPS) said it became aware of fraudulent activities totalling $7.8 million in 2020.
According to the EPS, two suspects from the city were primarily targeting people in Alberta and B.C., although some reported victims lived as far away as Nevada, USA and Australia.
A media release from police service stated that “The two suspects were allegedly offering securities in the form of promissory notes to guarantee investors a set return on their investment, which was often presented as a real estate ‘flip’.”